Sbi patrons scheme: State Bank of India (SBI) has launched a special fixed deposit scheme ‘SBI Patrons’ for Super Senior Citizens (80 years or older). The scheme has been brought with the aim of giving additional advantages to senior citizens and strengthening their financial security. This scheme is providing higher interest rate facility than other FD schemes, which will provide better returns to elderly customers.
SBI Patrons FD Scheme: Learn Eligibility and Interest Rate Detail
SBI Patrons FD Scheme Especially for super senior citizens, ie whose age is 80 years or more. This scheme is available for both single and joint accounts, but the age of the main account holder should be at least 80 years.
Interest Rate:
Under this scheme, Super Senior Citizens (80 years or older) receives an additional 10 basis points (0.10%) as compared to Senior Citizens. For example, if the interest rate for Senior Citizens is 7.50%, Super Senior Citizens will get interest at a rate of 7.60%.
For whom is this scheme:
The scheme is for the residents whose age is over 80 years and who are considered super senior citizens under Section 194P of the Income Tax Act, 1961.
Investment limit and period
Minimum deposit amount: ₹ 1,000
Maximum deposit limit: ₹ 3 crore
Investment period: 7 days to 10 years
Penalty on premature withdrawal
FD of up to ₹ 5 lakh: Premature withdrawals will apply 0.50% penalty.
FD of more than ₹ 5 lakh: Premature withdrawal will be imposed 1% penalty.
SBI Patrons FD Scheme: How much return will be given on investment of Rs 15 lakh in 5 years?
If a super senior citizen deposits Rs 15 lakh under this scheme, then he can get an estimated ₹ 21,85,621 after 5 years. Accordingly, the total return will be ₹ 6,85,621.
It is worth noting that this is just an estimated figure and is given for the general plan. There may be a difference in the actual maturity amount.
Benefits of fixed deposit
Fixed deposit (FD) is an investment in which you get a guaranteed return. That is, in the beginning it is known how much money will be received on maturity.
SBI has launched SBI Amrit Vrishti Scheme for senior citizens. This scheme is a good option for people who want safe and fixed returns.
Under this scheme, the bank is offering an interest rate of 7.75% for a period of 444 days. This interest rate is considered more attractive than other schemes, which can give good returns to the elderly on their savings. The scheme was launched on 16 July 2024, and investors can invest in it till 31 March 2025.